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African Financial Institutions Unite for Sustainable Development and Self-Reliance in Africa

Under the leadership of President Nana Addo Dankwa Akufo-Addo of Ghana, Africa’s multilateral financial institutions have joined forces to create the Alliance of African Multilateral Financial Institutions (AAMFI).

This happened during the 37th Ordinary Session of the Assembly of Heads of State and Government of the African Union.

The inauguration marked an important moment in Africa’s financial world. Leaders showed their commitment to work together to help Africa’s economy grow and become more self-reliant.

The meeting emphasized the need for cooperation among member institutions to support sustainable economic development across the continent.

AAMFI is made up of multilateral financial institutions that African states have established by treaty. 

These institutions are owned and controlled by Africa, which shows Africa’s determination to shape its financial future. 

The founding members of AAMFI include Africa Finance Corporation (AFC), African Export-Import Bank (Afreximbank), Trade and Development Bank Group (TDB Group), African Reinsurance Corporation (Africa Re), African Trade and Investment Development Insurance (ATIDI), Shelter Afrique Development Bank (SHAFDB), and ZEP-RE (PTA Reinsurance Co.). 

They have joined together under AAMFI to work together in promoting sustainable economic growth and integration. 

Their goals align with the Africa Union’s Agenda 2063 and the United Nations Sustainable Development Goals.

The Vision and Impact of the AAMFI

AAMFI’s mission is to help Africa with its financial needs, support member states. It will also speak up for Africa on global finance matters. 

Moreover, it will create new financial methods, and back sustainable finance plans for the continent. 

The formation of AAMFI shows Africa’s dedication to relying on itself and growing its economy sustainably, using its own solutions and resources.

During the important launch of the Alliance, all seven founding members signed a statement declaring their commitment to the principles and goals of AAMFI.

In his address, His Excellency Nana Akufo-Addo highlighted the significance of the Alliance in driving Africa’s economic transformation. He remarked, “

The establishment of the Alliance of African Multilateral Financial Institutions signifies our collective commitment to surmount financial challenges and propel Africa towards sustainable development. 

Together, we will harness our strengths and resources to unlock the continent’s boundless potential.”

AAMFI does more than just regular financial cooperation. It aims to help African countries with their unique needs and make it easier for them to get important financing. 

AAMFI will also speak up strongly for Africa’s financial interests worldwide. Moreover, it will help growth in different areas like infrastructure, trade, and investment, by using the knowledge and resources of its member institutions.

Also Read: Johannesburg to Host Africa Digital Finance Summit 2024

Perspectives on AAMFI’s Founding and Future

While giving his remarks H.E. Dr. Monique Nsanzabaganwa, Deputy Chairperson (DCP) for the African Union Commission commented: 

“As we find ourselves on the brink of a new era, facing challenges and opportunities, it is imperative that we take bold and decisive actions to reshape the financial landscape in a manner that reflects the aspirations and interests of all nations, particularly those of the African continent. 

“The establishment of AAMFI will be instrumental in supporting African Union Member States in addressing financing challenges and strengthening support for the continent’s transformation and integration.”

Prof. Benedict O. Oramah, inaugural Chair of the Governing Council of the Alliance of African Multilateral Financial Institutions (AAMFI), added,

“We would like to thank His Excellency, President Nana Addo Dankwa Akufo-Addo, for his unflinching support for African Multilateral Financial Institutions, reflected in today’s historic occasion. 

“African countries have shown resolve to shape our collective financial destiny and AAMFI will stand as a staunch advocate for Africa’s interest in global finance forums, championing equitable treatment and fair representation for the continent”.

The Alliance will work to create special solutions and financial tools that fit Africa’s unique needs. 

They will also gather resources to use them effectively. AAMFI promises to stand up for and support the interests of member states and shareholders, making sure their voices are heard around the world.

At the inauguration and signing, many African leaders were present, including H.E. William S. Ruto, President of Kenya; H.E. Mohamed Al-Menfi, President of Libya; H.E. Hakainde Hichilema, President of Zambia; H.E. Ntsokoane Samuel Matekane, Prime Minister of Lesotho; and H.E. Mr. Mbella Mbella Lejeune, Minister of Foreign Affairs, representing President Paul Biya of Cameroon.